November canola is down $5.00/mt, December soybean oil is down 0.50 cents/pound, November European rapeseed is down 4.00 euro/mt and September Malaysian palm oil is down 0.52%. December oats are down 3 1/4 cents/bushel while November European corn is down .25 euros/mt. August crude oil is down $1.43/barrel, August ULSD is down $.0918/gallon, and the September Canadian dollar is up .00005 at .70795. The September U.S. Dollar Index is down .079 at 100.680 and the August Brazilian real is up .00090 at 0.19415.

Energy markets are giving back the last of Wednesday's gains as traders seem to expect the current round of attacks to end rather than accelerate. As mentioned in the opening comments, "Both sides have threatened to ramp it up further "if" the other side does, suggesting an off ramp may be an option (by simply stopping now)."

The resulting pullback in the diesel price has weighed on vegetable oil markets as the morning has progressed, even as wheat has jumped (ahead of expected bullish data from the USDA in Friday's WASDE update) and corn has recovered most of its overnight losses. It appears as though the hot-and-dry U.S. Midwest forecast is winning out with that having detrimental impacts on corn yield historically. Even if the heat is missing, a relatively dry July statistically results in lower yields.

Outside markets seem to be believing in the revival of the ceasefire as well with bonds now quietly higher and stocks jumping more significantly. The U.S. dollar has slipped slightly on the resulting softening of interest rates.

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